Elmhurst appreciation rates and housing market information
Elmhurst housing market information
With a population of 44,439, 15,765 total housing units (homes and apartments), and a median house value of $322,507, Elmhurst house prices are not only among the most expensive in Illinois, Elmhurst real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Elmhurst, accounting for 75.50% of the city's housing units. Other types of housing that are prevalent in Elmhurst include large apartment complexes or high rise apartments (19.18%), row houses and other attached homes (3.50%), and a few duplexes, homes converted to apartments or other small apartment buildings (1.83%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elmhurst. Owner-occupied housing accounts for 81.31% of Elmhurst's homes, and 63.68% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Elmhurst's housing was primarily built during this period, from the '40s through the '60s. A full 47.79% of the city's housing hails from this era. Other housing ages represented in Elmhurst include homes built between 1970-1999 (23.88%) and housing constructed before 1939 (17.24%). There's also some housing in Elmhurst built between 2000 and later (11.09%).
Elmhurst home appreciation rates
Appreciation rates for homes in Elmhurst have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.84%, which ranks in the top 40% nationwide. This equates to an annual average Elmhurst house appreciation rate of 0.94%.
Appreciation rates are so strong in Elmhurst that despite a nationwide downturn in the housing market, Elmhurst real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elmhurst appreciation rates continue to be some of the highest in America, at 2.74%, which is higher than appreciation rates in 74.36% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elmhurst. Elmhurst appreciation rates in the latest quarter were at 1.16%, which equates to an annual appreciation rate of 4.74%.
Relative to Illinois, our data show that Elmhurst's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Elmhurst differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elmhurst - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Elmhurst real estate investment or home purchase decisions.